Offhand, you could try something like:
function convertToMinutes($time) {
return substr($time, 0, 2) * 60 + substr($time, 2);
}
$result = mysql_query("SELECT * FROM yada ORDER BY id DESC", $db);
$hours = 0;
$minutes = 0;
while ($myrow = mysql_fetch_row($result)) {
$minutes += convertToMinutes($myrow[0]);
$hours += floor($minutes / 60);
$minutes %= 60;
}